Whenever parties finalize a divorce, there may still be cause for ex-spouses to meet in court again. The recent case of an ex-wife and her Major League baseball team franchise owner ex-husband highlights how seeking a divorce settlement modification or nullification can land former couples back in court. Any Connecticut couples in the midst of divorce may want to follow the case to see if the modified settlement that is being sought is awarded years after the original settlement.
The owner of the Dodgers and his wife split in 2010 and they reached a financial settlement in Oct. 2011. She received $131 million, along with some real estate holdings belonging to the couple. However, shortly after agreeing to the settlement, the Major League team was sold for $2 billion. The ex-wife contends her ex-husband committed fraud and that she was essentially cheated out of $770 million.
The ex-husband’s representatives contend that she was aware of the team’s value at the time she agreed to the settlement. She contends she was under the presumption that they were splitting all assets down the middle. She is seeking to nix the original agreement. If that agreement is nullified, it will be left up to the courts to decide if the money from the sale of the team will be included in a new agreement between the former spouses.
There may be many reasons why someone accepts a divorce agreement only to later want to see that agreement modified. If there is reason for an ex-spouse to believe they were misled about financial holdings, they may seek modification through Connecticut courts. Connecticut courts may also protect ex-spouses from having to pay more of a divorce settlement after the fact if there was no misrepresentation and a modification or nullification is still being sought.
Source: ctpost.com, “Ex-wife wants Dodger divorce settlement tossed,” Greg Risling, April 24, 2013